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Last Updated: April 2, 2026, 2:45 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500878 | NSE: CEATLTD

CEAT Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,367.67Overvalued by 30.07%vs CMP ₹3,386.00

P/E (22.0) × ROE (11.8%) × BV (₹1,130.00) × DY (0.89%)

₹2,282.23Overvalued by 32.60%vs CMP ₹3,386.00
MoS: -48.4% (Negative)Confidence: 53/100 (Moderate)Models: 3 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,568.5123%Fair (+5.4%)
Graham NumberEarnings₹1,865.5217%Over (-44.9%)
Earnings PowerEarnings₹157.5811%Over (-95.3%)
DCFCash Flow₹2,578.3011%Over (-23.9%)
Net Asset ValueAssets₹1,130.317%Over (-66.6%)
EV/EBITDAEnterprise₹3,260.909%Fair (-3.7%)
Earnings YieldEarnings₹1,368.807%Over (-59.6%)
ROCE CapitalReturns₹2,045.867%Over (-39.6%)
Revenue MultipleRevenue₹3,267.836%Fair (-3.5%)
Consensus (9 models)₹2,282.23100%Overvalued
Key Drivers: EPS CAGR 50.7% lifts DCF — verify sustainability. | Wide model spread (₹158–₹3,569) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 50.7%

*Investments are subject to market risks

Investment Snapshot

67
CEAT Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 15.4% GoodROE 11.8% AverageD/E 0.41 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 1.64% (6mo) AccumulatingDII holding down 1.04% MF sellingPromoter holding at 47.2% Stable
Earnings Quality65/100 · Strong
OPM expanding (9% → 13%) Improving
Quarterly Momentum78/100 · Strong
Revenue (4Q): +16% YoY GrowingProfit (4Q): +16% YoY PositiveOPM: 14.0% (up 4.0% YoY) Margin expansion
Industry Rank75/100 · Strong
P/E 22.0 vs industry 28.5 In-lineROCE 15.4% vs industry 12.4% Above peersROE 11.8% vs industry 9.8% Above peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:45 am

Market Cap 13,696 Cr.
Current Price 3,386
Intrinsic Value₹2,282.23
High / Low 4,438/2,322
Stock P/E22.0
Book Value 1,130
Dividend Yield0.89 %
ROCE15.4 %
ROE11.8 %
Face Value 10.0
PEG Ratio0.43

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for CEAT Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
CEAT Ltd 13,696 Cr. 3,386 4,438/2,32222.0 1,1300.89 %15.4 %11.8 % 10.0
JK Tyre & Industries Ltd 11,353 Cr. 394 612/23215.6 1820.76 %12.8 %11.1 % 2.00
TVS Srichakra Ltd 2,600 Cr. 3,395 4,788/2,43055.5 1,5080.50 %5.36 %2.35 % 10.0
Goodyear India Ltd 1,621 Cr. 702 1,071/66028.6 2493.40 %13.0 %9.31 % 10.0
Apollo Tyres Ltd 26,373 Cr. 415 540/36818.0 2451.20 %11.4 %8.61 % 1.00
Industry Average16,128.83 Cr1,736.6728.50642.331.25%12.44%9.83%5.83

All Competitor Stocks of CEAT Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,7272,8752,9353,0532,9632,9923,1933,3053,3003,4213,5293,7734,157
Expenses 2,4902,5072,5482,5972,5462,6002,8102,9422,9593,0333,1423,2693,594
Operating Profit 238368387456418392383362341388388503563
OPM % 9%13%13%15%14%13%12%11%10%11%11%13%14%
Other Income 2-63103-551433-3314-52
Interest 666770726662626675748287105
Depreciation 117125121124127136132137141152151174188
Profit before tax 56170199270228139203162128129156246218
Tax % 27%27%27%25%24%33%27%29%28%28%27%28%31%
Net Profit 351321442081811021541219799112186155
EPS in Rs 8.7533.0535.7551.4244.8726.8438.1130.1324.0124.6027.8045.9738.51

Last Updated: February 6, 2026, 9:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 5:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5,4645,7055,4845,7666,2826,9856,7797,6109,36311,31511,94313,21814,880
Expenses 4,7905,0134,6945,0965,6526,3326,0526,6178,64010,34110,29111,74213,037
Operating Profit 6736927896706306527279937249741,6531,4751,843
OPM % 12%12%14%12%10%9%11%13%8%9%14%11%12%
Other Income 31672891081017-8-188-79
Interest 1871421019010493154179210242269278348
Depreciation 8793108143169193277340435469509563666
Profit before tax 40347258746636737630448495254857643749
Tax % 33%33%32%23%36%33%24%11%26%28%26%27%
Net Profit 27131443635923325123043271182635471552
EPS in Rs 75.4478.41108.1789.2858.8362.3557.17106.8117.6046.02158.87116.85136.88
Dividend Payout % 13%13%11%13%20%19%21%17%17%26%19%3%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)15.87%38.85%-17.66%-35.10%7.73%-8.37%87.83%-83.56%156.34%248.90%-25.83%
Change in YoY Net Profit Growth (%)0.00%22.99%-56.51%-17.44%42.82%-16.09%96.19%-171.39%239.90%92.56%-274.73%

CEAT Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:14%
3 Years:12%
TTM:11%
Compounded Profit Growth
10 Years:4%
5 Years:15%
3 Years:79%
TTM:-33%
Stock Price CAGR
10 Years:12%
5 Years:31%
3 Years:34%
1 Year:15%
Return on Equity
10 Years:12%
5 Years:11%
3 Years:12%
Last Year:12%

Last Updated: September 5, 2025, 1:40 am

Balance Sheet

Last Updated: December 4, 2025, 1:05 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 36404040404040404040404040
Reserves 9931,6422,0142,3742,5662,7262,8673,2763,2323,3994,0024,3284,532
Borrowings 1,1747756639248721,4982,0351,5332,2292,2951,7922,1363,114
Other Liabilities 1,3381,3651,3901,5781,6692,1402,4233,2843,6583,8914,1604,7075,416
Total Liabilities 3,5403,8224,1084,9175,1466,4047,3668,1339,1609,6279,99411,21213,102
Fixed Assets 1,5651,5812,0322,4532,7093,1804,1604,7635,3296,0966,2716,9848,194
CWIP 822292993263108331,069793876596684538536
Investments 0312195232214181184210179170182190176
Other Assets 1,8931,7001,5811,9071,9142,2101,9542,3672,7752,7652,8583,5014,196
Total Assets 3,5403,8224,1084,9175,1466,4047,3668,1339,1609,6279,99411,21213,102

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1977497023356725619561,3586191,2051,7191,092
Cash from Investing Activity + -142-253-433-543-412-1,060-1,076-618-944-849-854-922
Cash from Financing Activity + -40-194-326219-20248479-731313-320-871-177
Net Cash Flow 15301-571058-15-409-1237-5-7
Free Cash Flow 52449-12-248189-546-154723-337328852149
CFO/OP 42%124%110%65%122%98%134%142%88%120%114%80%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow672.00-83.00126.00-254.00-242.00651.00725.00992.00722.00972.000.00-1.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 504540394337364445423946
Inventory Days 7770761017588889779566163
Days Payable 716875818392111157131112123122
Cash Conversion Cycle 57474059353312-16-6-14-23-13
Working Capital Days -19-71121-9-11-27-41-41-49-51-49
ROCE %30%26%27%19%15%13%10%14%6%9%20%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 47.21%47.21%47.21%47.21%47.21%47.21%47.21%47.21%47.21%47.21%47.21%47.21%
FIIs 23.30%26.20%24.10%19.99%20.16%18.76%16.65%15.83%15.28%17.39%16.21%16.92%
DIIs 13.60%12.20%12.92%14.29%15.91%17.09%19.75%20.54%21.52%20.07%21.05%20.48%
Public 15.90%14.40%15.79%18.50%16.73%16.93%16.39%16.41%15.99%15.33%15.38%15.12%
Others 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.15%0.27%
No. of Shareholders 94,23291,3641,05,8751,16,5091,14,3971,38,3151,43,0631,56,3331,57,2851,41,6611,36,2331,35,290

Shareholding Pattern Chart

No. of Shareholders

CEAT Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Mirae Asset Large & Midcap Fund 1,521,556 1.35 572.381,546,2682025-12-08 05:14:22-1.6%
Mirae Asset ELSS Tax Saver Fund 1,134,597 1.63 426.81844,2582025-12-08 05:06:4934.39%
HDFC Mid Cap Fund 912,978 0.37 343.44N/AN/AN/A
Mirae Asset Midcap Fund 854,634 1.82 321.5865,6872026-02-23 00:59:56-1.28%
Tata Value Fund 438,507 1.87 164.96439,0182026-01-26 03:03:54-0.12%
Mirae Asset Multicap Fund 261,428 2.13 98.34251,9442026-02-23 00:22:013.76%
Franklin India Small Cap Fund 241,881 0.71 90.99281,2842025-12-15 00:18:48-14.01%
Edelweiss Mid Cap Fund 241,404 0.66 90.81218,0912026-02-23 00:59:5610.69%
Aditya Birla Sun Life Midcap Fund 238,675 1.49 89.78207,2292026-02-23 00:59:5615.17%
Mirae Asset Great Consumer Fund 215,962 1.85 81.24207,3312026-02-23 00:59:564.16%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 116.85158.8746.0317.60106.81
Diluted EPS (Rs.) 116.85158.8746.0317.60106.81
Cash EPS (Rs.) 250.25277.70159.08117.93181.86
Book Value[Excl.RevalReserv]/Share (Rs.) 1079.981001.82854.64814.92825.59
Book Value[Incl.RevalReserv]/Share (Rs.) 1079.981001.82854.64814.92825.59
Revenue From Operations / Share (Rs.) 3267.702952.652797.252314.811881.24
PBDIT / Share (Rs.) 368.77413.34244.93178.29246.42
PBIT / Share (Rs.) 229.67287.55128.9170.70162.46
PBT / Share (Rs.) 153.67206.6560.8016.35110.65
Net Profit / Share (Rs.) 111.14151.9143.0610.3497.90
NP After MI And SOA / Share (Rs.) 116.85158.8846.0217.60106.81
PBDIT Margin (%) 11.2813.998.757.7013.09
PBIT Margin (%) 7.029.734.603.058.63
PBT Margin (%) 4.706.992.170.705.88
Net Profit Margin (%) 3.405.141.530.445.20
NP After MI And SOA Margin (%) 3.575.381.640.765.67
Return on Networth / Equity (%) 10.8115.895.412.1713.02
Return on Capital Employeed (%) 15.3620.549.505.2012.92
Return On Assets (%) 4.216.431.930.775.31
Long Term Debt / Equity (X) 0.210.230.410.520.40
Total Debt / Equity (X) 0.440.400.600.640.41
Asset Turnover Ratio (%) 1.251.221.210.000.99
Current Ratio (X) 0.660.630.640.720.73
Quick Ratio (X) 0.390.360.370.360.36
Inventory Turnover Ratio (X) 10.326.056.040.004.10
Dividend Payout Ratio (NP) (%) 25.677.556.52102.260.00
Dividend Payout Ratio (CP) (%) 11.724.211.8514.370.00
Earning Retention Ratio (%) 74.3392.4593.48-2.260.00
Cash Earning Retention Ratio (%) 88.2895.7998.1585.630.00
Interest Coverage Ratio (X) 5.376.214.093.485.68
Interest Coverage Ratio (Post Tax) (X) 2.723.501.861.263.45
Enterprise Value (Cr.) 13536.0812411.067904.075853.147657.42
EV / Net Operating Revenue (X) 1.021.040.690.621.01
EV / EBITDA (X) 9.077.427.988.127.68
MarketCap / Net Operating Revenue (X) 0.880.900.510.400.82
Retention Ratios (%) 74.3292.4493.47-2.260.00
Price / BV (X) 2.672.681.711.151.90
Price / Net Operating Revenue (X) 0.880.900.510.400.82
EarningsYield 0.040.050.030.010.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ceat Ltd. is a Public Limited Listed company incorporated on 10/03/1958 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L25100MH1958PLC011041 and registration number is 011041. Currently Company is involved in the business activities of Manufacture of rubber tyres and tubes for motor vehicles, motorcycles, scooters, three-wheelers, tractors and aircraft. Company's Total Operating Revenue is Rs. 13171.65 Cr. and Equity Capital is Rs. 40.45 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Tyres & Tubes463, Dr. Annie Besant Road, Worli, Mumbai Maharashtra 400030Contact not found
Management
NamePosition Held
Mr. H V GoenkaChairman
Mr. Anant Vardhan GoenkaVice Chairman
Mr. Arnab BanerjeeManaging Director & CEO
Mr. Paras K ChowdharyNon Independent Director
Mr. Pierre E CohadeNon Independent Director
Ms. Daisy ChittilapillyIndependent Director
Mr. Milind SarwateIndependent Director
Ms. Sukanya KripaluIndependent Director
Dr. Santrupt MisraIndependent Director

FAQ

What is the intrinsic value of CEAT Ltd and is it undervalued?

As of 09 April 2026, CEAT Ltd's intrinsic value is ₹2282.23, which is 32.60% lower than the current market price of ₹3,386.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.8 %), book value (₹1,130), dividend yield (0.89 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of CEAT Ltd?

CEAT Ltd is trading at ₹3,386.00 as of 09 April 2026, with a FY2026-2027 high of ₹4,438 and low of ₹2,322. The stock is currently in the middle of its 52-week range. Market cap stands at ₹13,696 Cr..

How does CEAT Ltd's P/E ratio compare to its industry?

CEAT Ltd has a P/E ratio of 22.0, which is below the industry average of 28.50. This is broadly in line with or below the industry average.

Is CEAT Ltd financially healthy?

Key indicators for CEAT Ltd: ROCE of 15.4 % indicates efficient capital utilization. Dividend yield is 0.89 %.

Is CEAT Ltd profitable and how is the profit trend?

CEAT Ltd reported a net profit of ₹471 Cr in Mar 2025 on revenue of ₹13,218 Cr. Compared to ₹71 Cr in Mar 2022, the net profit shows an improving trend.

Does CEAT Ltd pay dividends?

CEAT Ltd has a dividend yield of 0.89 % at the current price of ₹3,386.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in CEAT Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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